Hi
In buying a new property, does the buyer have any bargaining power? I ask because I put a deposit down on an apartment in May 06 and am still waiting to move in. I am concerned that the property is not going to be worth the value I signed for over 18 months ago (this is based on prices around the area). I will be getting it valued and do think the price will come in below the signing price.
The contract gives an 18 month completion clause, allowing me to pull out after this time frame. This has now expired. I have mortgage approval so am ready to go. Can I turn around and say ill offer the developer 290K (of a 320K signing price).
Has anybody had any experience “haggling” with a developer? I don’t want to buy a place with negative equity but also I do want to move into this place.
My solicitor is looking into this, im just wondering what some of you think.
Thanks
Karl
In buying a new property, does the buyer have any bargaining power? I ask because I put a deposit down on an apartment in May 06 and am still waiting to move in. I am concerned that the property is not going to be worth the value I signed for over 18 months ago (this is based on prices around the area). I will be getting it valued and do think the price will come in below the signing price.
The contract gives an 18 month completion clause, allowing me to pull out after this time frame. This has now expired. I have mortgage approval so am ready to go. Can I turn around and say ill offer the developer 290K (of a 320K signing price).
Has anybody had any experience “haggling” with a developer? I don’t want to buy a place with negative equity but also I do want to move into this place.
My solicitor is looking into this, im just wondering what some of you think.
Thanks
Karl